Lunch Keynote: US Secretary of Commerce Gary Locke

US Secretary of Commerce Gary Locke spoke to the lunchtime crowd. Here is a summary of his remarks:

This summit comes at a fortuitious time. America is making groundbreaking decisions that will affect us for decades to come. What's at stake is nothing less than America's continued status as the world's leading economic superpower.

Through all the tech change of the last century, America made great strides, but we ran on fossil fuels and emissions weren't a concern. That's no longer the case. If we don't curb carbon emissions, the consequences for the environment and our economy will be devastating. We have to reengineer everything to work in a carbon-constrained world.

We're not looking for any old type of energy. New energy has to be clean and inexpensive. This is one of the biggest challenges we've ever faced, but it's also one of the biggest opportunities. New innovations will change the way we use energy, and President Obama wants to make sure that change happens and stays in America.

The world is not waiting for us to lead. China is making investments and has adopted the world's most aggressive energy standards. They're developing tech not just for themselves, but for the rest of the world -- and that means they're creating jobs. Meanwhile, the US is letting the rest of the world pass us by.

If we don't change, we'll be sitting here in ten years wondering when China became the Silicon Valley of clean energy. We need more investment in R + D and incentives. We're doing both. We're giving billions for research in clean energy -- we've made the largest investment in energy since John F. Kennedy. But we also need to make energy scalable, and smart entrepreneurs need to jump in. We need a market-based cap on carbon emissions. Incentives will show entrepreneurs that it is safe and profitable to invest in clean energy.

This isn't just for businesses -- this is for consumers. Providing consumers with cleaner and more affordable energy will stop the pattern of investments rising and falling on oil prices. We need to take proactive actions to create a homegrown clean energy industry. It took us 100 years to build a system around cheap oil -- we can't turn on a dime. But passing a clean energy bill this fall is the most important step we can take to get there.

If we create the right incentives, they'll foster the creation of new businesses and the jobs that come with them. This morning we announced a road map to create the first smart grid. It took us six months -- a vast improvement over the two years it took to develop a similar plan for the telecom industry. We'll also help small and medium businesses, who need support for their ideas. One of the most important things the Dept. of Commerce can do is improve the US energy transfer. Our focus will be turning great ideas into great companies. A new office in Dept. of Commerce will coordinate ideas important to entrepreneurs and translate those ideas into economic growth.

Energy is a $6 trillion global market, and the fastest-growing segment is clean energy. In China and India, demand is going to double by 2050. But citizens there are demanding clean-energy solutions. One way or another, they're going to get them. Where are they going to come from? US has the brainpower and resources. We need to find the will.

Audience questions:

Chad Holliday: We're with you on passing an energy bill this fall. How can we help?

Everyone's concerned on impact on jobs. Talk to your members of Congress and Senators -- we can't water down these proposals. We need to move quickly, because the longer we take to move, the more of a head start China gets, and then they get to set the standard. Tell the members of Congress that this is about jobs.

Question: Bills in Congress are missing dedicated funding for R+D. How will we implement the standards without that?

The president has proposals to make tax incentives for R+D permanent. We need a more permanent source of R+D funding for the private sector, universities, nonprofits.

Question: Can we get more details on the office of innovation and entrepreneurship?

Reports directly to me -- we're staffing up. It'll have a large advisory committee meeting with me and the White House composed of nonprofits, venture capitalists, to tell us what the problems and impediments to commercialization are.

Question: You mentioned China's development. One sector they're doing well in is nuclear energy. How will the US address this?

The president is willing to look at nuclear energy. There has been incredible advancement in nuclear energy in safety and waste disposal -- it's a promising field. We have to look at all power sources, but we have to look at the waste issue first - it's problematic. We need to be more open about nuclear power, but we need to look at the waste issue first.

Question: What will you do to make sure small business innovation research legislation goes forward?

It's people tinkering in their garages with a vision and drive who are making differences. We're going to look at structural impediments to those entrepreneurs. One of the one's we've heard about is the cost of health care. When you have scientists and engineers who have health insurance, how do they cover themselves and their families if they strike out on their own in risky ventures? It's scaring a lot of people from making that jump.

Question: We still need an interdependent world. The US may be sourcing a lot of its fuel from other countries -- how can we spread clean technologies to poor (but fuel-rich) countries and help them ride this green wave?

We need to be mindful of the challenges of developing countries. They can't afford some of the high cost of new kinds of energy and intellectual property rights. In Copenhagen and elsewhere we need to develop a regime that sets aggressive targets and provide assistance to developing countries to help them purchase new technology. We're all in this together, and we have to be equally committed.

On deck: Gallup CEO James Clifton makes a presentation. Stay tuned!

— Sarah Spooner

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